S&P upgraded Greece to “B” from “B-“ on fiscal adjustment
Standard and Poor΄s credit rating agency raised its long-term sovereign rating for Greece by one notch, to “B” from “B-“.
S&P commented that the upgrade reflects their view that “risks to fiscal consolidation in Greece have abated”. They have retained a Stable Outlook for Greece, which according to S&P balances their view of Greece’s progress in fiscal consolidation against the still weak economic recovery and political resolve to continue with structural and institutional reforms.
They expect that recovering GDP will enable Greece to operate average primary surpluses of 2% of GDP in 2014-2017 which is lower that the respective troika forecasts (4.5% of GDP).